Kerry Gold has written about real estate and housing issues for a variety of publications, including a weekly real estate column for the Globe and Mail since 2008. She also writes investigative pieces for the Walrus, and has written for Maclean's, MSN, Yahoo, MoneySense, BC Business, the Toronto Star, L.A. Weekly and Variety.
In Vancouver, it doesn't seem like either buyers or sellers have the advantage in the current real estate market, leading to frustration on all sides., as expected. But as soon as there’s a rate drop there will be accelerated buying activity, say industry experts.
In the meantime, it’s a decent window to buy something without the pressure of competing bids, say those in the industry. Predicting a price adjustment is trickier. Pundits had expected a major slowdown this year, and although there’s been a sales slump, prices haven’t fallen. That said, it might be a window of opportunity. With little competition, resale buyers might be able to negotiate, if not on price, then at least on the conditions, such as longer closing times.
When they do make offers, they’re sometimes on condition of sale, which has been unheard of for the last several years in Metro Vancouver. “When drop you see a flood of activity,” said Lammam. “Today you can negotiate. Not many buyers are in the marketplace. A year from now, when the rates drop, it’s you and everybody else.A recently released Sotheby’s report noted a brisk third quarter, but a slow fall. By September consumer behaviour showed a reluctance to make a move, with 172 properties sold over $1 million, a drop of 31% since September 2022.
As for rates, he also believes they will come down “as early as the middle of next year,” which will coincide with American policies. The market should swing upward around then.A new mortgage renewal survey from Royal LePage released on Thursday found that a sizable 68% of borrowers with a mortgage that will renew are concerned about that upcoming renewal. For borrowers whose mortgage will renew in the next 18 months, that number gets even larger, jumping to 74%.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
More than half of B.C. businesses in survey reported cyberattacks in past yearCybercrime a growing problem in Metro Vancouver and on Vancouver Island
Read more »
More than half of B.C. businesses in survey reported cyberattacks in past yearVANCOUVER — Global accounting firm KPMG says cybercrime is a growing issue in Metro Vancouver and on Vancouver Island.
Read more »
More than half of B.C. businesses in survey reported cyberattacks in past yearVANCOUVER — Global accounting firm KPMG says cybercrime is a growing issue in Metro Vancouver and on Vancouver Island.
Read more »
More than half of B.C. businesses in survey reported cyberattacks in past yearVANCOUVER — Global accounting firm KPMG says cybercrime is a growing issue in Metro Vancouver and on Vancouver Island.
Read more »
Muni-Bond Yields Have Finally Climbed Enough to Entice BuyersMunicipal-bond yields at the highest in more than a decade are spurring optimism on the part of investment managers, who have been dealing with persistent fund outflows this year as the market has struggled along with the rest of fixed income.
Read more »
Toronto inventory backing up while buyers idleTransactions are still taking place, but days on the market are longer and prices are soft, realtor says
Read more »